Coquelin has impressed for Arsenal since securing a first-team place Getty Images

Arsene Wenger has told Arsenal fans that the form of Francis Coquelin proves that marquee signings are not necessary to improve the Gunners' squad.

The manager said that while he intends to maintain and improve the club's "core", if Coquelin had cost £40m in the January transfer window then the club would not be facing criticism over a lack of movement in the transfer market.

The 24-year-old defensive midfielder has been one the Gunners' standout performers after Wenger recalled him from a loan spell at Charlton, drawing plaudits since his controlling display in Arsenal's 2-0 victory at Manchester City in January.

The Arsenal summer signings that would please Thierry Henry

The Arsenal summer signings that would please Thierry Henry

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GOALKEEPER - Petr Cech

The long-serving Chelsea stopper has been told he will be allowed to leave this summer having seen Thibaut Courtois claim the No 1 jersey at Stamford Bridge. They don't come much more experienced and at 32-years-old, the Czech Republic international still has many good years ahead of him.

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GOALKEEPER - Iker Casillas

Whether the Real Madrid goalkeeper will be available has much to do with David De Gea's future. Should the Manchester United stopper move to the Bernabeu, Casillas could seek pastures new. The World Cup winner has long been linked with the Emirates.

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GOALKEEPER - Hugo Lloris

If the north London derby wasn't bitter enough already, Lloris trading Tottenham for Arsenal would add yet another bone of contention between them. The Frenchman is among the best goalkeepers out there and the continued absence of Champions League football at White Hart Lane would be enough for him to push for a summer move.

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CENTRE-BACK - Ron Vlaar

After reaching the FA Cup final, Vlaar suggested he could yet remain at Aston Villa. But once the excitement has died down, the out-of-contract centre-back may opt to move and Arsenal could do far worse.

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CENTRE-BACK - Virgil van Dijk

The Celtic centre-back continues to impress in Scotland and is being monitored by a number of clubs. Among them is Arsenal, who reportedly made enquiries about the 23-year-old before signing Gabriel Paulista in January. John Hartson said of the Dutchman: 'Is he top notch? Is he as good as the Laurent Koscielny's of this world? I think he is. I think he is a top-six Premier League player. I really do.'

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LEFT-BACK - Jose Luis Gaya

Arsenal have reportedly been watching the 19-year-old Spaniard throughout the season and are readying a bid for this summer. The defender is said to have rejected a new contract at Valencia, giving the Gunners hope of completing a £13.6m deal.

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HOLDING MIDFIELDER - Sami Khedira

The World Cup winner will be a free agent at the end of the season and having come close to joining Arsenal last summer, reportedly remains on Arsene Wenger's radar. There will be no shortage of suitors for the Real Madrid player.

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HOLDING MIDFIELDER - Morgan Schneiderlin

The Southampton midfielder has made no secret of his desire to move to a Champions League club and Arsenal would be a suitable fit for the France international. Having resisted last summer, it seems unlikely Saints will be able to keep serious bidders at bay again.

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HOLDING MIDFIELDER - Victor Wanyama

An alternative to Schneiderlin is his Southampton team-mate Wanyama. The Gunners were reportedly in the mix when the Kenyan moved to St Mary's from Celtic a couple of years ago.

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STRIKER - Edinson Cavani

Thierry Henry has suggested Olivier Giroud is not the striker to lead Arsenal to the title - so could Cavani? The Uruguay international has been linked with Arsenal for years and there are rumours PSG could be willing to let him leave this summer.

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STRIKER - Gonzalo Higuain

The Argentina international was meant to be on the verge of joining the Gunners a couple of years ago before eventually ending up at Napoli. The 27-year-old could be on the move again with reports that his current club are prepared to sell in order to reinvest his fee in the squad.

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STRIKER - Paulo Dybala

An alternative Argentinian would be Dybala, the 21-year-old who has enjoyed a breakthrough season with Palermo. A host of clubs are on the trail and Arsenal won't find he comes cheap. More of a gamble than the other options here.

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Wenger used Coquelin's fine form to make a wider point about valuation in the transfer market. "The world has changed," the manager said. "The appreciation today of the quality of a player is just down with the money you spend.

"If we had bought Coquelin at Christmas for £40m, everyone would say 'what a signing'. I am sorry he didn't cost any money, he is still a good player."

During his time at Arsenal Wenger has faced criticism over the club's transfer policy and reluctance to spend big, although the signings of Mesut Ozil and Alexis Sanchez for £42.5m and £35m respectively in the last two summer windows hinted at a shift in strategy.

Wenger speaks to Coquelin

Now the club is linked with Liverpool winger Raheem Sterling, Chelsea goalkeeper Petr Cech and James Milner, whose contract with Manchester City expires at the end of the season.

Wenger refused to comment on specific targets, and insisted that his priority remains keeping the players currently at his disposal. "We have depth in the squad, and the rest will be decided in the summer," he said. "We need to keep our players.

"I respect everybody's opinion, but at the end of the day it is important we keep the core of the team together."

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Arsenal currently sit third in the Premier League, with Champions League qualification already secure. A victory in tonight's clash with Sunderland at the Emirates would keep their slim hopes of second-place alive.